Question: Fulton Electronics sells televisions and other electronics. All the electronics come with a default one - year warranty against defects. Warranty estimates are recorded every

Fulton Electronics sells televisions and other electronics. All the electronics come with a default one-year warranty against defects. Warranty estimates are recorded every month. Fulton estimates that warranty repairs or replacements are2%of the sales price. Customers are also able to purchase a two-year extended warranty. The warranty revenue is spread evenly over the two-year period. During September2023,the following transactions occurred. The company uses the perpetual inventory system and operates in a state that has a sales tax rate of6%.
Sales tax amounts on purchases are added to the value of the item purchased. prepare a journal entry for the above transactions. Are liabilities reported as current or long-term on the balance sheet? Explain where each 
belongs

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